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Need some loan advice please (Graduate)
muddyfox470
Posts: 589 Forumite
in Loans
Hello all,
It's been a long time since I last posted my own thread, first time in the Loans board, I had never really considered a loan until now, now I'm employed.
I've recently purchased my own house in Cambridgeshire (following my start of work in September) it is a repossession so needs a fair amount of work to do to it. Now I have used every last bit of money I had on the deposit, money is going to trickle through each month as I'm earning.
I get around £1500 after tax.
£417 is for the Mortgage (Interest and Capital) 2/3 bed semi
£180 for bills, council tax etc
£120 I've allocated for monthly food
£100 for monthly car running costs (house is now a lot nearer to work)
Allow for £100 Misc Spending
Leaves me with £583 per month
I bought because it worked out cheaper to buy rather than rent, I was lodging temporarily which was costing me £370pm and rent in the area is around £400/£450 for an average 1/2 bed flat/small house.
Well I have 2 options available to me, I can either wait until money accrues and do jobs one at a time, or I can take out a loan to do the works all at once. The house really isn't habitable in its current state; there's no downstairs heating, no boiler, electrics will need replacing and I want to change the plumbing around (and get the downstairs bathroom fixed) - I'm happy with the work as the house was well below market price and affordable to me. There's no gas in the area so it will mean having to get a oil tank and oil boiler fitted.
I really don't know what to do, as I want to have a fairly comfortable home, I don't mind if only a couple of rooms are habitable, but I'd like there to be somewhere to relax when I come home in the evenings.
I'm happy to learn and do a lot of the work myself but unfortunately there are somethings that I'm not capable of, or I'd prefer to leave to the professionals.
I'd like some help and advice on what I should expect to do for the mean-time. I currently have a council-tax exemption and I will be saving up a little more money at the moment as I'm working abroad with the company paying most of my sundries.
Opinions and advice would be much appreciated.
:cool:
It's been a long time since I last posted my own thread, first time in the Loans board, I had never really considered a loan until now, now I'm employed.
I've recently purchased my own house in Cambridgeshire (following my start of work in September) it is a repossession so needs a fair amount of work to do to it. Now I have used every last bit of money I had on the deposit, money is going to trickle through each month as I'm earning.
I get around £1500 after tax.
£417 is for the Mortgage (Interest and Capital) 2/3 bed semi
£180 for bills, council tax etc
£120 I've allocated for monthly food
£100 for monthly car running costs (house is now a lot nearer to work)
Allow for £100 Misc Spending
Leaves me with £583 per month
I bought because it worked out cheaper to buy rather than rent, I was lodging temporarily which was costing me £370pm and rent in the area is around £400/£450 for an average 1/2 bed flat/small house.
Well I have 2 options available to me, I can either wait until money accrues and do jobs one at a time, or I can take out a loan to do the works all at once. The house really isn't habitable in its current state; there's no downstairs heating, no boiler, electrics will need replacing and I want to change the plumbing around (and get the downstairs bathroom fixed) - I'm happy with the work as the house was well below market price and affordable to me. There's no gas in the area so it will mean having to get a oil tank and oil boiler fitted.
I really don't know what to do, as I want to have a fairly comfortable home, I don't mind if only a couple of rooms are habitable, but I'd like there to be somewhere to relax when I come home in the evenings.
I'm happy to learn and do a lot of the work myself but unfortunately there are somethings that I'm not capable of, or I'd prefer to leave to the professionals.
I'd like some help and advice on what I should expect to do for the mean-time. I currently have a council-tax exemption and I will be saving up a little more money at the moment as I'm working abroad with the company paying most of my sundries.
Opinions and advice would be much appreciated.
:cool:
Student Moneysaving Expert :beer:
0
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